* This Stata code replicates all tables in  
* Firm Listing Status, Firm Size, and the Financing of Investment (forthcoming RCFS)
* By Mathias Lé and Frédéric Vinas

* For confidentiality reason, the database of the paper cannot be provided. That database is built from three data sets maintained by the Banque de France :
* (i) 	the FIBEN database that gathers financial statements of a wide set of nonfinancial firms operating in France,
* (ii) 	a data set that enables to identify listed firms operating in France, 
* (iii) a data set that enables to identify the legal units affiliated with each listed corporate group.
* N.B. The variables are deflated using the gross fixed capital formation price index as the deflator, available here:
*  https://www.insee.fr/fr/statistiques/fichier/2832670/t_6303.xls

* See Section 1.3 for the estimation strategy, and Section 2 for more details on the building of the database of the paper.

* Important: 
* The pseudo data set is provided only to illustrate the format of the original data set. 
* Values are random, so the pseudo data set does not reproduce the results reported in the paper.

	* Indicate your directory path below
	*global mypath "xxx\xxx"
	
	* Path where the tables are saved	
	global path_result_local	"$mypath\01_Resultats\"	
			
	use "$mypath\PseudoData_LE_VINAS_FirmInvestment_RCFS_v4", clear
	
	* Listing status is defined from 1992
	keep if year>1991
	
	****************************************************************************
	*																		   *
	*					DESCRIPTION OF THE MAIN VARIABLES				   	   *
	*																		   *
	****************************************************************************	
	
	label var siren							"Firm identifier "
	label var fl							"Total sales "
	label var total_actif_net				"Total assets (TA) "
	label var yp							"Number of employees "
	label var sales_qtl						"Quantiles of the yearly distribution of firm sales: [p0-p25(, [p25-p50(, [p50-p75(, [p75-p90(, [p90-p95(, [p95-p100] "
	label var listed						"=1 if listed, 0 otherwise "
	label var ig							"=1 if the firm belongs to a group, =0 if the firm is independent "

	label var credit_b						"Bank credit "
	label var tx_fl							"Growth rate of sales "
	label var immo_net 						"Net fixed assets "
	label var lntta							"=ln(TA) "
	
	label var I_per_year 					"Frequency of investment decision (years per investment decision) "
	label var I_rate 						"Investment rate "
	label var I_brut_per_year 				"Frequency of gross investment decision (years per investment decision) "
				
	label var sh_immo_net_tta 				"Share of fixed assets / TA "
	label var sh_immo_corp_net_tta 			"Share of tangible fixed assets / TA "
	label var sh_immo_incorp_net_tta		"Share of intangible fixed assets / TA "
	label var sh_stock_cc_net_tta 			"Share of inventories and trade receivables / TA "
	label var sh_res_actif_net 				"Share of residual assets / TA "
	label var sh_credit_b_ST_tta 			"Share of short term bank credit / TA "
	label var sh_credit_b_LT_tta 			"Share of long term bank credit / TA "
	label var sh_credit_b_tta 				"Share of bank credit / TA "	
	label var sh_cash_net_div_tta 			"Share of cash (net of dividends) / TA "
	label var sh_fp_tta 					"Share of own funds  / TA " 
	label var sh_fp_net_res_tta 			"Share of own funds (net of income) /TA "
	label var sh_autres_dettes_tta 			"Share of other debts / TA "
	label var sh_dettes_fourni_tta 			"Share of trade payables / TA "
	label var sh_res_passif_tta 			"Share of residual liabilities / TA "
	label var sh_dividendes_ca 				"Ratio of dividend over sales"
	label var sh_resultat_net_hors_div_tta 	"Share of retained earnings / TA "
	label var acq_immo_tta 					"Acquisition of fixed assets / TA "
	
	label var D_immo_net_tta 				"Change in fixed assets / TA "	
	label var D_immo_corp_net_tta 			"Change in tangible fixed assets / TA "
	label var D_immo_incorp_net_tta 		"Change in intangible fixed assets / TA "
	label var D_immo_fi_net_tta 			"Change in financial assets / TA "
	label var D_res_actif_net_tta 			"Change in residual assets / TA "
	label var D_credit_b_tta 				"Change in bank credit / TA "
	label var D_autres_dettes_tta 			"Change in other debts / TA "
	label var D_fp_net_res_tta 				"Change in own funds (net of income) / TA "
	label var D_cash_net_div_tta			"Change in cash (net of dividends) / TA "
	label var D_res_passif_tta 				"Change in residual liabilities / TA "
	label var D_net_WCR_tta 				"Change in net WCR / TA "	
	
	label var tx_fl_private					"Growth rate of sales *(listed==0)"
	label var tx_fl_listed					"Growth rate of sales *(listed==1)"
		
	label var sh_fp_tta_private				"Share of own funds  / TA *(listed==0)" 
	label var sh_fp_tta_listed				"Share of own funds  / TA *(listed==1)" 
	
	label var sh_dividendes_ca_private		"Ratio of dividend over sales *(listed==0)"
	label var sh_dividendes_ca_listed		"Ratio of dividend over sales *(listed==1)"
	
	label var sh_credit_b_tta_private		"Share of bank credit / TA  *(listed==0)"
	label var sh_credit_b_tta_listed		"Share of bank credit / TA  *(listed==1)"
	
	label var sh_cash_net_div_tta_private	"Share of cash (net of dividends) / TA  *(listed==0)"
	label var sh_cash_net_div_tta_listed	"Share of cash (net of dividends) / TA  *(listed==1)"
	
	label var lntta_private					"=ln(TA)   *(listed==0)"
	label var lntta_listed					"=ln(TA)   *(listed==1)"
	
	label var D_res_actif_net_tta_private	"Change in residual assets / TA *(listed==0)"
	label var D_res_actif_net_tta_listed	"Change in residual assets / TA *(listed==1)"
	
	label var D_net_WCR_tta_private			"Change in net WCR / TA *(listed==0)"	
	label var D_net_WCR_tta_listed			"Change in net WCR / TA *(listed==1)"	
	
	label var D_immo_net_tta_private		"Change in fixed assets / TA *(listed==0)"
	label var D_immo_net_tta_listed			"Change in fixed assets / TA *(listed==1)"
	
	label var D_immo_incorp_net_tta_private	"Change in intangible fixed assets / TA *(listed==0)"
	label var D_immo_incorp_net_tta_listed	"Change in intangible fixed assets / TA *(listed==1)"
	
	label var D_immo_fi_net_tta_private		"Change in financial assets / TA  *(listed==0)"
	label var D_immo_fi_net_tta_listed		"Change in financial assets / TA  *(listed==1)"
	
	label var D_immo_corp_net_tta_private	"Change in tangible fixed assets / TA *(listed==0)"
	label var D_immo_corp_net_tta_listed	"Change in tangible fixed assets / TA *(listed==1)"
	
				*************************************
				*									*
				* 		DESCRIPTIVE STATISTICS		*
				*									*
				*************************************
									
	* Table 1: Relative importance of public and private firms
	 *********************************************************
	 
		* Full sample
		tab listed
		tab listed [aw=fl]
		tab listed [aw=total_actif_net]
		tab listed [aw=yp]
		
		* Sample of firms that invest (i.e., with positive change in net fixed assets)		
		tab listed 						if D_immo_net_tta>0
		tab listed [aw=fl] 				if D_immo_net_tta>0
		tab listed [aw=total_actif_net] if D_immo_net_tta>0
		tab listed [aw=yp] 				if D_immo_net_tta>0
	
	
	* Table 2: Summary statistics for selected balance sheet items (as a fraction of total assets)
	**********************************************************************************************

		* Asset Side
		tabstat sh_immo_net_tta sh_immo_corp_net_tta sh_immo_incorp_net_tta sh_stock_cc_net_tta sh_cash_net_div_tta sh_res_actif_net_tta if D_immo_net_tta>0, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)
		
		* Liability Side
		tabstat sh_credit_b_ST_tta sh_credit_b_LT_tta sh_credit_b_tta sh_autres_dettes_tta sh_fp_net_res_tta sh_resultat_net_hors_div_tta sh_dettes_fourni_tta sh_res_passif_tta if D_immo_net_tta>0, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)

		
	* Table 3: Descriptive statistics for selected corporate variables	
	******************************************************************
	
		* Full sample
		tabstat total_actif_net fl yp if D_immo_net_tta>0, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)
		
		* Private firms and Public firms
		tabstat total_actif_net fl yp if D_immo_net_tta>0, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc) by(listed)						
	
	
	* Table 4: Median value of balance sheet items (expressed as a fraction of total assets) depending on the listing status of firms
	************************************************************************************************************************************
					
		tabstat sh_immo_net_tta sh_immo_corp_net_tta sh_immo_incorp_net_tta sh_stock_cc_net_tta sh_cash_net_div_tta sh_res_actif_net_tta if D_immo_net_tta>0, stat(median) column(variable) format(%12.2fc) by(listed)
		tabstat sh_credit_b_ST_tta sh_credit_b_LT_tta sh_credit_b_tta sh_autres_dettes_tta sh_fp_net_res_tta sh_resultat_net_hors_div_tta sh_dettes_fourni_tta sh_res_passif_tta if D_immo_net_tta>0, stat(median) column(variable) format(%12.2fc) by(listed)
		
	
	* Table 5: Descriptive statistics of sales (EUR millions) by size class
	***********************************************************************
		* 1995
		tabstat fl if year==1995 & D_immo_net_tta>0 , s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2000
		tabstat fl if year==2000 & D_immo_net_tta>0 , s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2010
		tabstat fl if year==2010 & D_immo_net_tta>0 , s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2015
		tabstat fl if year==2015 & D_immo_net_tta>0 , s(min mean median) by(sales_qtl) format(%12.2fc)
	
	
	* Table 6: Cumulative distribution for selected corporate variables in 2016 broken down by size class
	*****************************************************************************************************
	{
	preserve
			keep if D_immo_net_tta>0			
			gen I_net=max(D.immo_net,0)
			keep if year==2016
			collapse (sum) I_net fl credit_b yp immo_net total_actif_net, by(sales_qtl)
			export excel using "$path_result_local\Cumulative_distrib$sample.xls", firstrow(variables) replace
		
	restore
	}				
				
	* Table 7: Median value of balance sheet items (expressed as a fraction of total assets) within each size class
	***************************************************************************************************************
	
		* Asset Side
		tabstat sh_immo_net_tta sh_immo_corp_net_tta sh_immo_incorp_net_tta sh_stock_cc_net_tta sh_cash_net_div_tta sh_res_actif_net_tta if D_immo_net_tta>0, stat(median) column(variable) format(%12.2fc) by(sales_qtl)
		* Liability Side
		tabstat sh_credit_b_ST_tta sh_credit_b_LT_tta sh_credit_b_tta sh_autres_dettes_tta sh_fp_net_res_tta sh_resultat_net_hors_div_tta sh_dettes_fourni_tta sh_res_passif_tta if D_immo_net_tta>0, stat(median) column(variable) format(%12.2fc) by(sales_qtl)
		
	* Table 8: Distribution of public and private firms across firm size class
	**************************************************************************
	
		* Full sample
		tab sales_qtl listed
		* Sample of firms that invest (i.e. with positive change in net fixed assets)
		tab sales_qtl listed if D_immo_net_tta>0
		

				*************************************
				*									*
				* 		REGRESSION RESULTS			*
				*									*
				*************************************
				
	global control 	"sh_cash_net_div_tta sh_credit_b_tta sh_fp_tta sh_dividendes_ca tx_fl lntta"
	global indep_listed "D_immo_net_tta_private D_immo_net_tta_listed"
	global indep_listed_WCR "D_net_WCR_tta_private D_net_WCR_tta_listed"
	global indep_listed_res_A "D_res_actif_net_tta_private D_res_actif_net_tta_listed"
	global indep_listed_corp "D_immo_corp_net_tta_private D_immo_corp_net_tta_listed"
	global indep_listed_incorp "D_immo_incorp_net_tta_private D_immo_incorp_net_tta_listed"
	global indep_listed_fi "D_immo_fi_net_tta_private D_immo_fi_net_tta_listed"
	global control_listed "sh_cash_net_div_tta_private sh_cash_net_div_tta_listed sh_credit_b_tta_private sh_credit_b_tta_listed sh_fp_tta_private sh_fp_tta_listed  sh_dividendes_ca_private sh_dividendes_ca_listed tx_fl_private tx_fl_listed lntta_private lntta_listed"	
					
				
* Table 9: The financing of investment and working capital
*************************************************************

{
	reghdfe D_credit_b_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 

	reghdfe D_autres_dettes_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 

	reghdfe D_fp_net_res_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	
	reghdfe sh_resultat_net_hors_div_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 

	reghdfe D_cash_net_div_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons

	reghdfe D_res_passif_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table9", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons
	
}

* Table 10: The financing of investment and working capital : Public versus private firms
*****************************************************************************************

{

	reghdfe D_credit_b_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons

	reghdfe D_autres_dettes_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 [w= fl], abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\table10", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 
	
}

* Table 11: The financing of investment and working capital by firm size
************************************************************************
{
	levelsof sales_qtl, local(l)
	foreach z of varlist D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control  {
		foreach v of local l {
			gen `z'`v'= `z'*( sales_qtl==`v')
		}
	}
	
		global indep_size "D_immo_net_tta0 D_immo_net_tta25 D_immo_net_tta50 D_immo_net_tta75 D_immo_net_tta90 D_immo_net_tta95"
		global indep_size_WCR "D_net_WCR_tta0 D_net_WCR_tta25 D_net_WCR_tta50 D_net_WCR_tta75 D_net_WCR_tta90 D_net_WCR_tta95"
		global indep_size_res_A "D_res_actif_net_tta0 D_res_actif_net_tta25 D_res_actif_net_tta50 D_res_actif_net_tta75 D_res_actif_net_tta90 D_res_actif_net_tta95"
		global control_size "sh_cash_net_div_tta0 sh_cash_net_div_tta25 sh_cash_net_div_tta50 sh_cash_net_div_tta75 sh_cash_net_div_tta90 sh_cash_net_div_tta95 sh_credit_b_tta0 sh_credit_b_tta25 sh_credit_b_tta50 sh_credit_b_tta75 sh_credit_b_tta90 sh_credit_b_tta95 sh_fp_tta0 sh_fp_tta25 sh_fp_tta50 sh_fp_tta75 sh_fp_tta90 sh_fp_tta95 sh_dividendes_ca0 sh_dividendes_ca25 sh_dividendes_ca50 sh_dividendes_ca75 sh_dividendes_ca90 sh_dividendes_ca95 tx_fl0 tx_fl25 tx_fl50 tx_fl75 tx_fl90 tx_fl95 lntta0 lntta25 lntta50 lntta75 lntta90 lntta95"	

	
		reghdfe D_credit_b_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)		
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_autres_dettes_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
		 
			
		reghdfe D_fp_net_res_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe sh_resultat_net_hors_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_cash_net_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
		 
			
		reghdfe D_res_passif_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl)
		outreg2 using "$path_result_local\table11", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
		 
}	

* Table 12: The financing of investment and working capital by firm size: Public versus private firms
*****************************************************************************************************

	{
	
	levelsof sales_qtl, local(l)
	foreach z of varlist D_immo_net_tta_listed D_immo_net_tta_private D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private D_immo_fi_net_tta_listed D_immo_fi_net_tta_private D_net_WCR_tta_listed D_net_WCR_tta_private D_res_actif_net_tta_listed D_res_actif_net_tta_private sh_cash_net_div_tta_listed sh_cash_net_div_tta_private sh_credit_b_tta_listed sh_credit_b_tta_private sh_fp_tta_listed sh_fp_tta_private sh_dividendes_ca_listed sh_dividendes_ca_private tx_fl_listed tx_fl_private lntta_listed lntta_private {
		foreach v of local l {
			gen `z'`v'= `z'*( sales_qtl==`v')
		}
	}
	
	global indep_size "D_immo_net_tta_listed0 D_immo_net_tta_listed25 D_immo_net_tta_listed50 D_immo_net_tta_listed75 D_immo_net_tta_listed90 D_immo_net_tta_listed95 D_immo_net_tta_private0 D_immo_net_tta_private25 D_immo_net_tta_private50 D_immo_net_tta_private75 D_immo_net_tta_private90 D_immo_net_tta_private95"
	global indep_size_WCR "D_net_WCR_tta_listed0 D_net_WCR_tta_listed25 D_net_WCR_tta_listed50 D_net_WCR_tta_listed75 D_net_WCR_tta_listed90 D_net_WCR_tta_listed95 D_net_WCR_tta_private0 D_net_WCR_tta_private25 D_net_WCR_tta_private50 D_net_WCR_tta_private75 D_net_WCR_tta_private90 D_net_WCR_tta_private95"
	global indep_size_res_A "D_res_actif_net_tta_listed0 D_res_actif_net_tta_listed25 D_res_actif_net_tta_listed50 D_res_actif_net_tta_listed75 D_res_actif_net_tta_listed90 D_res_actif_net_tta_listed95 D_res_actif_net_tta_private0 D_res_actif_net_tta_private25 D_res_actif_net_tta_private50 D_res_actif_net_tta_private75 D_res_actif_net_tta_private90 D_res_actif_net_tta_private95"
	global indep_size_corp "D_immo_corp_net_tta_listed0 D_immo_corp_net_tta_listed25 D_immo_corp_net_tta_listed50 D_immo_corp_net_tta_listed75 D_immo_corp_net_tta_listed90 D_immo_corp_net_tta_listed95 D_immo_corp_net_tta_private0 D_immo_corp_net_tta_private25 D_immo_corp_net_tta_private50 D_immo_corp_net_tta_private75 D_immo_corp_net_tta_private90 D_immo_corp_net_tta_private95"
	global indep_size_incorp "D_immo_incorp_net_tta_listed0 D_immo_incorp_net_tta_listed25 D_immo_incorp_net_tta_listed50 D_immo_incorp_net_tta_listed75 D_immo_incorp_net_tta_listed90 D_immo_incorp_net_tta_listed95 D_immo_incorp_net_tta_private0 D_immo_incorp_net_tta_private25 D_immo_incorp_net_tta_private50 D_immo_incorp_net_tta_private75 D_immo_incorp_net_tta_private90 D_immo_incorp_net_tta_private95"
	global indep_size_fi "D_immo_fi_net_tta_listed0 D_immo_fi_net_tta_listed25 D_immo_fi_net_tta_listed50 D_immo_fi_net_tta_listed75 D_immo_fi_net_tta_listed90 D_immo_fi_net_tta_listed95 D_immo_fi_net_tta_private0 D_immo_fi_net_tta_private25 D_immo_fi_net_tta_private50 D_immo_fi_net_tta_private75 D_immo_fi_net_tta_private90 D_immo_fi_net_tta_private95"
	global control_size "sh_cash_net_div_tta_listed0 sh_cash_net_div_tta_listed25 sh_cash_net_div_tta_listed50 sh_cash_net_div_tta_listed75 sh_cash_net_div_tta_listed90 sh_cash_net_div_tta_listed95 sh_credit_b_tta_listed0 sh_credit_b_tta_listed25 sh_credit_b_tta_listed50 sh_credit_b_tta_listed75 sh_credit_b_tta_listed90 sh_credit_b_tta_listed95 sh_fp_tta_listed0 sh_fp_tta_listed25 sh_fp_tta_listed50 sh_fp_tta_listed75 sh_fp_tta_listed90 sh_fp_tta_listed95 sh_dividendes_ca_listed0 sh_dividendes_ca_listed25 sh_dividendes_ca_listed50 sh_dividendes_ca_listed75 sh_dividendes_ca_listed90 sh_dividendes_ca_listed95 tx_fl_listed0 tx_fl_listed25 tx_fl_listed50 tx_fl_listed75 tx_fl_listed90 tx_fl_listed95 lntta_listed0 lntta_listed25 lntta_listed50 lntta_listed75 lntta_listed90 lntta_listed95 sh_cash_net_div_tta_private0 sh_cash_net_div_tta_private25 sh_cash_net_div_tta_private50 sh_cash_net_div_tta_private75 sh_cash_net_div_tta_private90 sh_cash_net_div_tta_private95 sh_credit_b_tta_private0 sh_credit_b_tta_private25 sh_credit_b_tta_private50 sh_credit_b_tta_private75 sh_credit_b_tta_private90 sh_credit_b_tta_private95 sh_fp_tta_private0 sh_fp_tta_private25 sh_fp_tta_private50 sh_fp_tta_private75 sh_fp_tta_private90 sh_fp_tta_private95 sh_dividendes_ca_private0 sh_dividendes_ca_private25 sh_dividendes_ca_private50 sh_dividendes_ca_private75 sh_dividendes_ca_private90 sh_dividendes_ca_private95 tx_fl_private0 tx_fl_private25 tx_fl_private50 tx_fl_private75 tx_fl_private90 tx_fl_private95 lntta_private0 lntta_private25 lntta_private50 lntta_private75 lntta_private90 lntta_private95"	

	
	reghdfe D_credit_b_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_fp_net_res_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_res_passif_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\table12", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 
	

	}	

	
* Table 13: The funding of tangible, intangible, and financial investments
**************************************************************************	

{	

	reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\table13", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 

}

* Table 14: The funding of tangible, intangible, and financial investments : Public versus private firms
********************************************************************************************************

{

	reghdfe D_credit_b_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed  if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed  if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed  if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A $control_listed  if D_immo_corp_net_tta>0 [w= fl], abs(siren year listed) vce(cl siren )
	outreg2 using "$path_result_local\table14", keep(D_immo_corp_net_tta_listed D_immo_corp_net_tta_private D_immo_incorp_net_tta_listed D_immo_incorp_net_tta_private $indep_listed_fi $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 

}	

				*********************************************************************
				*																	*
				* 						INTERNET APPENDIX							*
				*																	*
				*********************************************************************
				

		
	* Table A1: Frequency and intensity of net investment decisions by size class
	*****************************************************************************
	
		* Frequency of investment decision (years per investment decision)
		tabstat I_per_year, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc) by(sales_qtl)
		* Investment rates (positive changes in net fixed assets over lagged net fixed assets, deflated)
		tabstat I_rate if I_rate>0, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc) by(sales_qtl)
		
	* Table A2: Frequency of gross investment decisions by size class : The case of gross investment
	************************************************************************************************

		* Frequency of investment decision (years per investment decision)
		tabstat I_brut_per_year, stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc) by(sales_qtl)
	
						
	* Table A3: The financing of investment taking into account time-related dependencies
	*************************************************************************************
	
		{
			xtset siren year
			
			foreach var of varlist D_credit_b_tta D_autres_dettes_tta sh_resultat_net_hors_div_tta D_cash_net_div_tta D_fp_net_res_tta D_res_passif_tta {
				gen L_`var'=L.`var'
				gen L2_`var'=L2.`var'
			}

			global lag "L_D_credit_b_tta L_D_autres_dettes_tta L_sh_resultat_net_hors_div_tta L_D_cash_net_div_tta L_D_fp_net_res_tta L_D_res_passif_tta"
			global lag2"L2_D_credit_b_tta L2_D_autres_dettes_tta L2_sh_resultat_net_hors_div_tta L2_D_cash_net_div_tta L2_D_fp_net_res_tta L2_D_res_passif_tta"

			reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 			

			reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag $lag2) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 

			reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag $lag2) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 

			reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag $lag2) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 

			reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag $lag2) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 

			reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control $lag if D_immo_net_tta>0 [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA3", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $lag $lag2) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 

		}		
	
	
	*	Table A4: The financing of investment: Restricting the sample to independent firms
	**************************************************************************************

		 {
			reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
			 

			reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
			 

			reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
			 

			reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
			 

			reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
			 

			reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & ig=="0" [w= fl], vce(cl siren) abs(year siren)
			outreg2 using "$path_result_local\tableA4", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
			 
		}	
	
	
	* Table A5: The financing of investment of independent firms : Public versus private firms
	******************************************************************************************

		reghdfe D_credit_b_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_autres_dettes_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_fp_net_res_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe sh_resultat_net_hors_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_cash_net_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_res_passif_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 & ig=="0" [w= fl], abs(siren year) vce(cl siren)
		outreg2 using "$path_result_local\tableA5", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
		 

	* Table A6: The financing of investment: Restricting the estimation to firms using bank credit
	**********************************************************************************************
	
	{
		reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 & D_credit_b_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA6", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
		 
	}

	* Table A7: The financing of investment: Taking into account disinvestment
	**************************************************************************
	
	{	

		reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control  [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA7", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
		 

	}
	
	
	* Table A8: The financing of investment: Relying on a definition of investment based on the acquisition of fixed assets
	***********************************************************************************************************************
	
	{
		reghdfe D_credit_b_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_autres_dettes_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_fp_net_res_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe sh_resultat_net_hors_div_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_cash_net_div_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
		 

		reghdfe D_res_passif_tta acq_immo_tta D_net_WCR_tta D_res_actif_net_tta $control if acq_immo_tta>0 [w= fl], vce(cl siren) abs(year siren)
		outreg2 using "$path_result_local\tableA8", keep(acq_immo_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
		 

		}	
	* Table A9: Summary statistics for selected balance sheet items (as a fraction of total assets)
	***********************************************************************************************

		* Asset Side
		tabstat sh_immo_net_tta sh_immo_corp_net_tta sh_immo_incorp_net_tta sh_stock_cc_net_tta sh_cash_net_div_tta sh_res_actif_net_tta , stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)
		
		* Liability Side
		tabstat sh_credit_b_ST_tta sh_credit_b_LT_tta sh_credit_b_tta sh_autres_dettes_tta sh_fp_net_res_tta sh_resultat_net_hors_div_tta sh_dettes_fourni_tta sh_res_passif_tta , stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)
		
	* Table A10: Descriptive statistics for selected corporate variables	
	********************************************************************
	
		* Full sample
		tabstat total_actif_net fl yp , stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc)
		
		* Private firms and Public firms
		tabstat total_actif_net fl yp , stat(N mean sd p10 p25 p50 p75 p90) column(statistics) format(%12.2fc) by(listed)						
	
	
	* Table A11: Descriptive statistics decomposed by size class
	************************************************************
		
		* 1995
		tabstat fl if year==1995, s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2000
		tabstat fl if year==2000, s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2010
		tabstat fl if year==2010, s(min mean median) by(sales_qtl) format(%12.2fc)
		* 2015
		tabstat fl if year==2015, s(min mean median) by(sales_qtl) format(%12.2fc)
		
	
	* Table A12: Cumulative distribution for selected corporate variables in 2016 broken down by size class
	*******************************************************************************************************

	preserve			
	
			gen I_net=max(D.immo_net,0)
			keep if year==2016
			collapse (sum) I_net fl credit_b yp immo_net total_actif_net, by(sales_qtl)
			export excel using "$path_result_local\Cumulative_distribAll$sample.xls", firstrow(variables) replace
		
	restore			
				
	* Table A13: Median value of balance sheet items within each size class (expressed as a fraction of total assets) 
	*****************************************************************************************************************
		
		* Asset side
		tabstat sh_immo_net_tta sh_immo_corp_net_tta sh_immo_incorp_net_tta sh_stock_cc_net_tta sh_cash_net_div_tta sh_res_actif_net_tta, stat(median) column(variable) format(%12.2fc) by(sales_qtl)
		* Liability side
		tabstat sh_credit_b_ST_tta sh_credit_b_LT_tta sh_credit_b_tta sh_autres_dettes_tta sh_fp_net_res_tta sh_resultat_net_hors_div_tta sh_dettes_fourni_tta sh_res_passif_tta, stat(median) column(variable) format(%12.2fc) by(sales_qtl)
		
	* Table A14: The financing of investment and working capital (unweighted estimation)
	************************************************************************************
	
	{
	
	reghdfe D_credit_b_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 
	
	reghdfe sh_resultat_net_hors_div_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA14", keep(D_immo_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 
	
}
	
	* Table A15: The financing of investment and working capital by firm size (unweighted estimation)	
	*************************************************************************************************

{

	global indep_size "D_immo_net_tta0 D_immo_net_tta25 D_immo_net_tta50 D_immo_net_tta75 D_immo_net_tta90 D_immo_net_tta95"
	global indep_size_WCR "D_net_WCR_tta0 D_net_WCR_tta25 D_net_WCR_tta50 D_net_WCR_tta75 D_net_WCR_tta90 D_net_WCR_tta95"
	global indep_size_res_A "D_res_actif_net_tta0 D_res_actif_net_tta25 D_res_actif_net_tta50 D_res_actif_net_tta75 D_res_actif_net_tta90 D_res_actif_net_tta95"
	global control_size "sh_cash_net_div_tta0 sh_cash_net_div_tta25 sh_cash_net_div_tta50 sh_cash_net_div_tta75 sh_cash_net_div_tta90 sh_cash_net_div_tta95 sh_credit_b_tta0 sh_credit_b_tta25 sh_credit_b_tta50 sh_credit_b_tta75 sh_credit_b_tta90 sh_credit_b_tta95 sh_fp_tta0 sh_fp_tta25 sh_fp_tta50 sh_fp_tta75 sh_fp_tta90 sh_fp_tta95 sh_dividendes_ca0 sh_dividendes_ca25 sh_dividendes_ca50 sh_dividendes_ca75 sh_dividendes_ca90 sh_dividendes_ca95 tx_fl0 tx_fl25 tx_fl50 tx_fl75 tx_fl90 tx_fl95 lntta0 lntta25 lntta50 lntta75 lntta90 lntta95"	

	
	reghdfe D_credit_b_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_fp_net_res_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_res_passif_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl )
	outreg2 using "$path_result_local\tableA15", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	  
		
}	
			

	* Table A16: The funding of tangible, intangible, and financial investments (unweighted estimation)	
	***************************************************************************************************
	
{	

	reghdfe D_credit_b_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Other debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Retained Earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta $control if D_immo_net_tta>0 , vce(cl siren) abs(year siren)
	outreg2 using "$path_result_local\tableA16", keep(D_immo_corp_net_tta D_immo_incorp_net_tta D_immo_fi_net_tta D_net_WCR_tta D_res_actif_net_tta) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 

}	
	
	* Table A17: The financing of investment and working capital : Public versus Private firms (unweighted estimation)
	******************************************************************************************************************
	
{

	reghdfe D_credit_b_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_fp_net_res_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_res_passif_tta $indep_listed $indep_listed_WCR $indep_listed_res_A $control_listed i.listed if D_immo_net_tta>0 , abs(siren year) vce(cl siren)
	outreg2 using "$path_result_local\tableA17", keep($indep_listed $indep_listed_WCR $indep_listed_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 
	
}	
	
	
	* Table A18: The financing of investment: Firm size and public firms (unweighted estimation)	
	********************************************************************************************
	
{


	global indep_size "D_immo_net_tta_listed0 D_immo_net_tta_listed25 D_immo_net_tta_listed50 D_immo_net_tta_listed75 D_immo_net_tta_listed90 D_immo_net_tta_listed95 D_immo_net_tta_private0 D_immo_net_tta_private25 D_immo_net_tta_private50 D_immo_net_tta_private75 D_immo_net_tta_private90 D_immo_net_tta_private95"
	global indep_size_WCR "D_net_WCR_tta_listed0 D_net_WCR_tta_listed25 D_net_WCR_tta_listed50 D_net_WCR_tta_listed75 D_net_WCR_tta_listed90 D_net_WCR_tta_listed95 D_net_WCR_tta_private0 D_net_WCR_tta_private25 D_net_WCR_tta_private50 D_net_WCR_tta_private75 D_net_WCR_tta_private90 D_net_WCR_tta_private95"
	global indep_size_res_A "D_res_actif_net_tta_listed0 D_res_actif_net_tta_listed25 D_res_actif_net_tta_listed50 D_res_actif_net_tta_listed75 D_res_actif_net_tta_listed90 D_res_actif_net_tta_listed95 D_res_actif_net_tta_private0 D_res_actif_net_tta_private25 D_res_actif_net_tta_private50 D_res_actif_net_tta_private75 D_res_actif_net_tta_private90 D_res_actif_net_tta_private95"
	global indep_size_corp "D_immo_corp_net_tta_listed0 D_immo_corp_net_tta_listed25 D_immo_corp_net_tta_listed50 D_immo_corp_net_tta_listed75 D_immo_corp_net_tta_listed90 D_immo_corp_net_tta_listed95 D_immo_corp_net_tta_private0 D_immo_corp_net_tta_private25 D_immo_corp_net_tta_private50 D_immo_corp_net_tta_private75 D_immo_corp_net_tta_private90 D_immo_corp_net_tta_private95"
	global indep_size_incorp "D_immo_incorp_net_tta_listed0 D_immo_incorp_net_tta_listed25 D_immo_incorp_net_tta_listed50 D_immo_incorp_net_tta_listed75 D_immo_incorp_net_tta_listed90 D_immo_incorp_net_tta_listed95 D_immo_incorp_net_tta_private0 D_immo_incorp_net_tta_private25 D_immo_incorp_net_tta_private50 D_immo_incorp_net_tta_private75 D_immo_incorp_net_tta_private90 D_immo_incorp_net_tta_private95"
	global indep_size_fi "D_immo_fi_net_tta_listed0 D_immo_fi_net_tta_listed25 D_immo_fi_net_tta_listed50 D_immo_fi_net_tta_listed75 D_immo_fi_net_tta_listed90 D_immo_fi_net_tta_listed95 D_immo_fi_net_tta_private0 D_immo_fi_net_tta_private25 D_immo_fi_net_tta_private50 D_immo_fi_net_tta_private75 D_immo_fi_net_tta_private90 D_immo_fi_net_tta_private95"
	global control_size "sh_cash_net_div_tta_listed0 sh_cash_net_div_tta_listed25 sh_cash_net_div_tta_listed50 sh_cash_net_div_tta_listed75 sh_cash_net_div_tta_listed90 sh_cash_net_div_tta_listed95 sh_credit_b_tta_listed0 sh_credit_b_tta_listed25 sh_credit_b_tta_listed50 sh_credit_b_tta_listed75 sh_credit_b_tta_listed90 sh_credit_b_tta_listed95 sh_fp_tta_listed0 sh_fp_tta_listed25 sh_fp_tta_listed50 sh_fp_tta_listed75 sh_fp_tta_listed90 sh_fp_tta_listed95 sh_dividendes_ca_listed0 sh_dividendes_ca_listed25 sh_dividendes_ca_listed50 sh_dividendes_ca_listed75 sh_dividendes_ca_listed90 sh_dividendes_ca_listed95 tx_fl_listed0 tx_fl_listed25 tx_fl_listed50 tx_fl_listed75 tx_fl_listed90 tx_fl_listed95 lntta_listed0 lntta_listed25 lntta_listed50 lntta_listed75 lntta_listed90 lntta_listed95 sh_cash_net_div_tta_private0 sh_cash_net_div_tta_private25 sh_cash_net_div_tta_private50 sh_cash_net_div_tta_private75 sh_cash_net_div_tta_private90 sh_cash_net_div_tta_private95 sh_credit_b_tta_private0 sh_credit_b_tta_private25 sh_credit_b_tta_private50 sh_credit_b_tta_private75 sh_credit_b_tta_private90 sh_credit_b_tta_private95 sh_fp_tta_private0 sh_fp_tta_private25 sh_fp_tta_private50 sh_fp_tta_private75 sh_fp_tta_private90 sh_fp_tta_private95 sh_dividendes_ca_private0 sh_dividendes_ca_private25 sh_dividendes_ca_private50 sh_dividendes_ca_private75 sh_dividendes_ca_private90 sh_dividendes_ca_private95 tx_fl_private0 tx_fl_private25 tx_fl_private50 tx_fl_private75 tx_fl_private90 tx_fl_private95 lntta_private0 lntta_private25 lntta_private50 lntta_private75 lntta_private90 lntta_private95"	

	
	reghdfe D_credit_b_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Bank credit) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_autres_dettes_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Other Debts) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_fp_net_res_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Equity (net of RE)) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe sh_resultat_net_hors_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Retained earnings) label dec(3) stats(coef se) adjr2 nocons 
	 

	reghdfe D_cash_net_div_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Cash Holding) label dec(3) stats(coef se) adjr2 nocons 
	 
		
	reghdfe D_res_passif_tta $indep_size $indep_size_WCR $indep_size_res_A $control_size if D_immo_net_tta>0 , vce(cl siren) abs(year siren sales_qtl listed)
	outreg2 using "$path_result_local\tableA18", keep($indep_size $indep_size_WCR $indep_size_res_A) excel ctitle(Change in Residual Liabilities) label dec(3) stats(coef se) adjr2 nocons 
	 
	

	
}
	
